Before the three major central bank meetings take place later this week, the market will be focused on German inflation data which will be released today.
- It has been a quiet start to the week after a thin Monday with no real market data to speak of. Markets moved little. Today the focus will be on German CPI (inflation) data first, which is expected to show a higher month-on-month increase of 0.3%. If the rate is notably higher, it might boost the Euro. After that, focus will shift to the USA, which is releasing data on JOLTS Job Openings and CB Consumer Confidence.
- Stock markets have mostly traded lower today, with losses seen in major Asian indices. Both the Nikkei 225 Index and the HSI are down on the day.
- Some big tech earnings releases which are due this week could be important for the performance of the NASDAQ 100 Index, which has recently underperformed broader market indices.
- In the Forex market, since today’s Tokyo open, the New Zealand Dollar has been the strongest major currency, while the Japanese Yen has been the weakest. I did expect in my latest weekly Forex forecast that the NZD/JPY currency cross, and some other Yen crosses also, will rise in value over this week – so far, I have been correct.
- Bitcoin dropped sharply in recent hours after it traded at a 6-week high, turning bearish at the round number of $70,000.
Ready to trade our daily Forex analysis? We’ve made a list of the best forex demo accounts worth trading with.